Saturday, February 27, 2016

Teach Your Kids The 48-Hour Rule

Does your child have an impulsive streak when it comes to spending? Gotta have that shiny object right now, only to have it lose its luster days later?

That’s a habit you’ll want to nip at the bud while the stakes are low.

Time to roll out the 48-hour rule: “Wait 48 hours before making an impulse purchase.” (Or at least a day.)

Train your child to put some distance between the desire and the purchase. Put the item on hold at the store, or save it in the online shopping cart. Sleep on it. A little time for reflection is the ultimate buzz-kill when it comes to impulsive behavior. That’s valuable awareness to pick up early.

The “48-hour Rule” and “Grandpa’s Rule” are the two financial rules of thumb that will resonate most with youngsters from these 10 Essential Financial Rules of Thumb. Parents will definitely benefit from the other 9.

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